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Advice for Businesses
Unlock the Financial Impact of Mentoring with Guider’s ROI Calculator
At Guider, we have the incredible opportunity to speak to L&D Professionals, HR leads, Change Management Consultants and more, individuals who believe and strive to create real change in their organisation to improve employee well-being, personal development and representation. These individuals believe in the transformative power of mentoring, however, face challenges evidencing its causal impact on organisational success.
In short, it’s difficult to calculate ROI, and prove it.
Today, we are thrilled to introduce our ROI calculator, an intuitive tool designed to showcase the financial benefits of mentoring. This calculator is your gateway to understanding the financial impact of mentoring.
Why cost-cutting mentoring isn’t the answer
As a cost-saving initiative, it’s tempting to run a Do-It-Yourself mentoring scheme. However, our research shows that DIY mentoring typically has less participation and continuous engagement, tapering off after a few months.
Failed initiatives reduce the budget for future projects and create additional pressure from disengaged employees; those who are willing and wanting to engage in mentoring, only for it to be disbanded, causing discontent at the lack of skill development and career progression opportunities.
Peer-to-peer learning pays off
Mentoring has a real and tangible impact on organisations, you just need to track it.
It’s no surprise that 92% of US Fortune 500 companies have mentoring programmes, with the median profits for such companies being over three times higher than those without. A long-term study further revealed that mentoring increases retention and salaries for mentees and mentors significantly, with participants being five times more likely to be promoted.
Navigate your numbers
We all have to start somewhere. The best way to view and track ROI accurately is to know your baseline.
Our ROI calculator is engineered to provide a clear financial picture of your mentoring initiative. By inputting key variables, such as average salary per employee and employee replacement cost, you can instantly see the financial narrative of your mentoring programme unfold.
This year, CIPD released that improving staff retention, wellbeing, succession planning, leadership development and employee motivation are the top 5 priorities for L&D professionals in 2023.
We designed our calculator to simplify complex ROI discussions, and encourage you to focus on these crucial metrics.
Other key metrics to consider:
Employee Productivity: Mentoring boosts productivity by improving wellbeing, skills competency and creating a productive approach to knowledge sharing.
Retention Rates: Mentoring enhances employee satisfaction and engagement in work, reducing turnover costs.
Salary Changes: With mentoring, employees are more likely to receive raises and promotions, reflecting their enhanced value to the organisation.
Get Stakeholder Buy in
The insights derived from our ROI calculator serve as powerful data points for stakeholders, facilitating informed, strategic decisions regarding your mentoring programmes. By leveraging the calculator, you’re not just forecasting ROI; you’re uncovering your baseline, establishing the metrics you need to obtain and track continuously and witnessing the return of investing in your people.
Want to learn more?
Book a free 30 minute consultation to assess the ROI of your mentorship programme.